At the IPO price, Concentra would have a market value of $2.97 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
Concentra, based in Mechanicsburg, Pennsylvania, operates 547 standalone occupational health centers in 41 states and 151 on-site health clinics at employer work sites in 37 states. It also offers a telemedicine program serving 43 states and the District of Columbia, according to its filings.
The company estimated that it had income from operations of $84 million on $478 million of revenue during the three months ended June 30, versus income from operations of $82 million on revenue of $467 million in the same period a year earlier, according to a statement.
Select Medical will sell no more than 19.9% of the company’s equity, maintaining at least 80.1% ownership after the IPO. The company had submitted its IPO registration confidentially, it said in March.
Proceeds of the offering will be used to repay debt held by Select Medical and won’t be used for business operations or development, according to the filings.
JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp. are leading the offering. Concentra shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol CON.
© 2024 Bloomberg L.P.